TWIA Actuarial & Underwriting Committee to Review Proposals for Reinsurance Broker and Catastrophe Modeling Services at November 2 MeetingPublished on: October 22, 2021
The Actuarial & Underwriting Committee for the Texas Windstorm Insurance Association will meet on Tuesday, November 2, 2021, at 12:30 pm. The Committee will receive presentations from selected respondents to two Requests for Proposals (RFPs) issued by the Association for reinsurance broker services and catastrophe modeling services. The Committee will also provide recommendations to the TWIA Board of Directors on these contracts. The agenda for the meeting can be found here.
More detailed descriptions of the services TWIA is seeking through the RFPs are provided below:
- Reinsurance Broker Services: TWIA retains a reinsurance broker to facilitate its annual purchase of reinsurance or other alternative risk financing mechanisms as part of its required funding for each hurricane season.
- Catastrophe Modeling Services: TWIA also plans to retain a separate consultant or firm to oversee its catastrophe modeling and data input process related to the Board’s statutorily required determination of the Association’s 1-in-100-year probable maximum loss for each hurricane season and reinsurance purchase decision.
The Association issued RFPs for these services in September, and they are available on TWIA’s website for public review. The Association has periodically issued RFPs for reinsurance broker services to ensure that they are delivered in the most cost-effective manner aligned with TWIA’s catastrophe funding needs. Legislation enacted earlier this year now requires the Association to obtain any catastrophe modeling used to determine probable maximum loss amounts or make rate adoption decisions from a source other than its reinsurance broker. The selected firm will assist TWIA in the production and interpretation of catastrophe modeling results.
The Committee will NOT consider any changes to TWIA rates at this meeting.
All meetings of the TWIA Board of Directors and its committees are open to the public. Members of the public may attend the meeting in person at TWIA’s offices in Austin or access the meeting via Zoom. Members of the TWIA Board and leadership may attend the meeting in person in TWIA’s offices or virtually. The meeting will also be livestreamed on YouTube.
Providing Public Comment to the Committee
Members of the public are invited to submit written comments via email at PublicComment@TWIA.org. Interested parties are encouraged to submit comments by noon on Friday, October 29 to enable the Committee to receive and review them prior to the November 2 meeting. All written comments will be provided to the Committee regardless of when they are received.
Written comments submitted to TWIA are subject to the Texas Public Information Act. TWIA may post public comments received, with personally identifiable information redacted, to its website.
Members of the public are invited to provide verbal comments to the Committee during the designated public comment portion of the meeting. Those wishing to make public comment during the meeting must attend the meeting in person at TWIA’s offices or register and log into the meeting via Zoom on a computer, tablet, smartphone, or telephone.
- Click here to register to attend the meeting via Zoom.
- After registering for the meeting, you will receive a confirmation email with details on how to join the meeting from your preferred device.
- The meeting will also be livestreamed via YouTube.
Anyone attending the meeting in person at TWIA’s offices will be encouraged to wear a mask and comply with social distancing protocols. A limited number of TWIA staff will be on-site at TWIA’s offices in Austin to facilitate the public comment process.
If you are a member of the media and have questions about the Committee meeting, please email MediaRelations@TWIA.org.
The meeting materials and archived recording for the Committee meeting will be available on our Archived Meetings page after the meeting.